Hundreds of Arabtec staff said to have been fired after CEO departure

A senior Arabtec Holding executive has reportedly been fired in a shake-up following the resignation of CEO Hasan Ismaik last week.

According to Bloomberg which cited a person familiar with the situation, Shohidul Ahad-Choudhury, Arabtec's head of mergers and acquisitions, has been sacked

The former Deutsche Bank executive, was appointed to the role in March 2013 and also acted as financial advisor to Ismaik.

Based in Abu Dhabi, he was responsible for implementing the company's new strategy, mergers and acquisitions, joint ventures, and strategic financing activities.

Bloomberg also reported that hundreds of Arabtec employees have been fired since Ismaik's departure, citing three sources, adding that calls to Ahad-Choudhury’s personal mobile were not returned.

A spokesman for Arabtec declined to comment on the dismissals when contacted by Bloomberg.

At the time of his appointment at Arabtec, Ahad-Choudhury was said to have advised on over $45bn of transactions for top tier clients including IPIC, Aabar, Oman Oil, SABIC, Equate and the UK Government.

Ismaik, who abruptly resigned from the company last week, said on Thursday he had no plans to sell his 28.85 percent stake.

Ismaik left Arabtec's board on Wednesday, resigning as chief executive at the same time, and ending a tumultuous few weeks for the company in which its shares plunged and major shareholder Aabar Investments cut its stake. The selling dragged down the entire Dubai stock market.

As a Public Limited Company, why have we not got Full details of what is going on here. If this was a FTSE company the silence of the Chairman and Board Directors would be a sign that something is imploding internally.

Resigning , firing or sacking such kind of greedy people does NOT solve the problem. Such unethical / nonprofessional greedy people who take advantage of their posts and misuse the power entrusted to them must be dragged by police to court houses and charged with fraud+ embezzlement+ theft+ bribery+ unethical and nonprofessional acts according to law . Hope such kind of people will be stripped off of their possessions and assets (which they came to own due to their own so called "stupid illegal" acts) and DEPORTED out UAE to the miserable villages in their own home countries irrespective of their nationalities.